Immutable (IMX) Breaks Out, Daily Gains Hit 15% With Traders Eyeing $0.70

By: beincrypto|2025/05/02 19:15:01
0
Share
copy
Immutable’s utility token, IMX, is today’s top-performing altcoin, climbing nearly 15% over the past 24 hours. As of this writing, the altcoin trades at $0.64.On-chain data points to a resurgence in bullish sentiment, suggesting that the rally may have legs in the short term. This analysis explains how. IMX Traders Go Long and Network Activity Supports the ClimbIMX’s long/short ratio has risen above 1, indicating that many market participants are opening long positions in anticipation of continued upside. According to Coinglass, this currently stands at 1.004. IMX Long/Short Ratio. Source: CoinglassThe long/short ratio measures the proportion of bullish (long) positions to bearish (short) positions in the market. When the ratio is below one, more traders are betting on a price decline than on a price increase.Converesly, as with IMX, a ratio above one means there are more long positions than short ones. This suggests bullish sentiment, with most traders expecting the asset’s value to rise.IMX’s price daily active address (DAA) divergence, which remains positive, further strengthens the bullish case. This metric, which measures an asset’s price movements with the changes in its number of daily active addresses, is currently at 63.22%.IMX Price DAA Divergence. Source: SantimentWhen an asset’s price rally is accompanied by a positive DAA divergence, it is considered a bullish signal, suggesting growing interest and the potential for further price appreciation. This reflects that IMX’s recent price hike is supported by sufficient user activity on the network rather than driven solely by speculative trading.IMX Price Outlook StrengthensOn the daily chart, the setup of IMX’s Moving Average Convergence Divergence (MACD) supports the bullish outlook above. At press time, IMX’s MACD line (blue) rests above its signal (orange) and zero lines.An asset’s MACD indicator identifies trends and momentum in its price movement. It helps traders spot potential buy or sell signals through crossovers between the MACD and signal lines. When the MACD line is above the signal line, buying activity dominates the market, hinting at further price rallies. If this holds for IMX and the token maintains its uptrend, it could break above the resistance at $0.73 and climb to $0.79.IMX Price Analysis. Source: TradingViewOn the other hand, if sellers regain market control, they could drive IMX’s value down to $0.55. The post Immutable (IMX) Breaks Out, Daily Gains Hit 15% With Traders Eyeing $0.70 appeared first on BeInCrypto.

You may also like

What Is Futures Trading? Hours, Platforms, and How to Start Trade Futures(2026 Guide)

Learn how to start futures trading, understand trading hours, and choose the best futures trading platform. Includes real data, strategies, and ways to maximize returns with rebates.

The Rise of Composable RWA

27 billion RWA funds are undergoing a major reshuffle: U.S. Treasury bonds are "cooling off," while high-yield credit assets are quietly dominating the DeFi lending market with permissionless designs. This article reveals the explosive logic behind composable RWA.

MAGA Up 350% in 24 Hours, PEPE Up 46% in One Day: Which Memecoins Are Next in 2026?

MAGA +350% in 24hrs. PEPE +46% in one day. RAVE +4,500% then -90%. In 2026's memecoin market, the gains are real. So are the traps? Here's how to tell the difference before you buy.

RCD Espanyol vs Real Madrid: Can the Pericos Delay the Inevitable?

RCD Espanyol vs Real Madrid lineups, standings, and stats for May 3, 2026. Real Madrid visits RCDE Stadium as Barcelona closes in on the LALIGA title. Full preview inside.

MegaETH goes live with an FDV exceeding 2 billion USD. Which ecological projects are worth paying attention to?

The financing and team backgrounds of many projects in the MegaETH ecosystem are rich, making it the most prosperous ecosystem among unlaunched public chains, and it is currently the focus of attention for profit-seekers.

Dialogue with "Wood Sister" Cathie Wood: The next bull market is about to arrive

The correlation coefficient between gold and Bitcoin is only 0.14. In the past two cycles, gold started before Bitcoin, and this time is no different.

Popular coins

Latest Crypto News

Read more
iconiconiconiconiconiconicon
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com